It may have been a few months coming, but the republican controlled Congress has finally given President Trump a significant legislative victory with this week’s passage of the Tax Cuts & Jobs Act, sending the legislation to the White House just in time for Christmas. The pundits on both sides have had plenty to say about the package, so we won’t dwell on it, other than to say there are a number of provisions that will have a direct impact on your business. Some of the bill’s major provisions include: ACA Mandate Repeal (individual mandate tax repealed in 2019); Corporate Tax Rate (drops to 21% beginning 1/1/18); Individual Tax Rates (drops to 7 rate categories); Estate Tax (doubles threshold to $10M until 2025 Sunset);  Provisions Governing Pass-Through Entities (deduct 20% of qualified business income with limits); Section 179 Expensing (increases maximum deduction to $1M then limits adjusted for inflations); Bonus Depreciation (100% for property in service from 9/23/17 to 12/31/22, phased down thereafter); and Restaurant Depreciation (Eliminates 15 year recovery period for qualified leasehold improvement property and others). We’ll be getting more specific information out to our subscribers as soon as possible.